Revenue's delayed SLP against quashed reassessment under Section 147 rejected; prior Section 143(3) scrutiny upheld SC dismissed the revenue's Special Leave Petition challenging the HC order quashing reassessment proceedings u/s 147. The petition suffered from a delay ...
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Revenue's delayed SLP against quashed reassessment under Section 147 rejected; prior Section 143(3) scrutiny upheld
SC dismissed the revenue's Special Leave Petition challenging the HC order quashing reassessment proceedings u/s 147. The petition suffered from a delay of 198 days, which was not satisfactorily explained. On merits, SC found no ground to interfere with the HC's view that the share capital and premium received from a foreign investor had already been examined and accepted in assessments/reassessments u/s 143(3) in subsequent years. Since the nature and source of receipts were duly explained and not contradicted by the AO, reassessment was unjustified.
There is a delay of 198 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioners. The Court further holds that "we find no good ground to interfere with the impugned order passed by the High Court." Consequently, the Special Leave Petition is "dismissed on the ground of delay as well as on merits." Pending applications, if any, also stand disposed of. The decision rests on procedural default (inordinate, unexplained delay) coupled with an assessment that the High Court's order does not warrant interference on substantive grounds.
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